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Gram Sumangal is a money-back insurance scheme that is extended by Postal Life Insurance as part of the six schemes under rural postal life insurance. The policy can be bought by those who live outside the municipal boundaries of towns and cities. The RPLI schemes were introduced to facilitate insurance penetration in the country, especially in the rural areas at affordable premiums.
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Gram Sumangal is a money-back scheme that offers life insurance cover with survival benefits. Introduced as an anticipated endowment assurance policy, Gram Sumangal rural postal life insurance scheme is suitable for those looking for periodical returns. The survival benefits shall cease on the death of the policyholder, in which case the entire sum assured amount is offered to the claimants.
The policy offers periodic benefits up to a percent of the sum assured on surviving certain policy years.
On the death of the policyholder within the policy term, the assigned nominees or legal heirs can claim the sum assured on death.
The bonus shall be added to the base sum assured at a rate of Rs. 45 per Rs. 1000 sum assured.
If the sum assured is above Rs. 25,000 policyholders have to undergo a medical examination.
Policyholders can choose from a policy term of 15 years or 20 years.
The survival benefits vary as per the selected policy term plan.
For either policy term chosen, the maturity benefit payable is equal to 40% of the sum assured plus the accrued bonus.
| Policy Term | 15 years | 20 years |
| Entry Age | Minimum: 19 years Maximum: 45 years |
Minimum: 19 years Maximum: 40 years |
| Survival Benefits | 6th Year - 20% of the Sum Assured 9th Year - 20% of the Sum Assured 12th Year - 20% of the Sum Assured 15th Year - 40% of the Sum Assured |
8th Year - 20% of the Sum Assured 12th Year - 20% of the Sum Assured 16th Year - 20% of the Sum Assured 20th Year - 40% of the Sum Assured |
| Sum Assured | NA | Rs. 10 Lakhs |
Death Benefit - If the life assured dies within the chosen policy term, Postal Life Insurance is liable to pay the entire sum assured on death along with accrued bonuses. The claimants (assigned nominees or legal heirs) can claim this benefit within 120 days from the date of death of the life assured.
Survival Benefit - The money-back nature of this anticipated endowment assurance policy guarantees periodic payouts on surviving certain policy years. For a 15-year policy term, survival benefits are paid out on the completion of the 6th, 9th, 12th, and 15th policy years. For a 20-year policy term, these benefits are paid out on surviving the 8th, 12th, 16th, and 20th policy years. The first three payouts are equal to 20% of the sum assured each. The last survival benefit payout is done on the date of maturity falling on the 15th or the 20th policy year (per the policy term chosen) and is equal to 40% of the sum assured.
India Post now offers the benefit of calculating premiums against the desired sum assured for its range of rural postal life insurance policies. Buyers can use the Gram Sumangal scheme calculator to get premium quotes prior to buying the policy. This should help them determine if the coverage required is affordable or not.
Here is a step-by-step guide on how to use the online Gram Sumangal premium calculator.
Visit the official website of India Post.
Click on Postal Life Insurance.
You will be redirected to an external page. Click on OK to proceed.
Move to ‘Purchase a Policy’ and click on ‘Quote’ from the drop-down menu.
Enter the details requested. These include contact details, date of birth, gender, residence, sum assured, etc.
Under Product Type, select RPLI.
Under Product Name, select Gram Sumangal.
Select the Policy Term, viz. 15 years or 20 years.
Enter the letters as shown in the captcha below.
This will give you the monthly, quarterly, half-yearly, and yearly premium quotes against the sum assured opted for.
If you want to calculate again to compare quotes of other policies or change the features, you can scroll down and click on Recalculate.
If not, you can proceed to buy the policy.
The policy can be bought online as well as offline. For the latter, you can visit your nearest post office branch and submit the relevant documents. To purchase online, follow the steps below:
Once you have arrived at a reasonable premium quote (follow the steps above), choose the ‘Select’ option against it.
This takes you to a form wherein you will have to fill in more details about the Insurer and the Proposer.
Click on Next to fill in the correspondence information about where you live and ways to reach you.
The subsequent forms are related to your employment details, nominee assignment, history of insurance, medical history (if any), and base coverage.
Sign the Declaration to proceed to the payment details.
Pay the initial premium installment to start coverage.
Age proof
Address Proof
Identity Proof
Declaration of Medical Examiner
Declaration in case the proposer is illiterate
Certificate by DO/FO(PLI)/Agent
Certificate by SDI/ASP
Note: Check all the best term insurance plan in India.
Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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